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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
FORECLOSURE FACTS (Part 7 of 7) Fannie Mae Repossessions
Posted on 07/12/2006 00:00:00 | Link | Post Comment
What is a Fannie Mae property?
Fannie Mae is the popular name used to identify the Federal National Mortgage Association (FNMA). Fannie Mae was established by the government to purchase FHA loans and to bundle them for sale on the secondary mortgage market. Fannie Mae acquires properties from lenders that foreclose on such loans and offers them for sale to the public. How do I find Fannie Mae properties?Fannie Mae advertises its properties to the general public via its web site. The properties are also listed in the local Multiple Listing System (MLS), which is accessible by real estate agents. You can contact local real estate brokerages to find agents who market and sell Fannie Mae properties.
How do I buy Fannie Mae properties?
Fannie Mae sells its properties via real estate agents. You must present your offer to the agent who in turn presents it to Fannie Mae for consideration. Fannie Mae will review each offer and notify the agent of its decision. Fannie Mae will either accept your offer, reject your offer, or make a counter offer. The counter offer demonstrates Fannie Mae’s willingness to negotiate for a price that is mutually agreeable to both parties.
How much cash do I need?
Fannie Mae offers a variety of loan programs including some with low down payments. These down payments are typically between 3-5% of the purchase price.
What should I be aware of?
Although Fannie Mae may sometimes make a few repairs to properties to increase their value, the properties are sold in "as is" condition. This means that Fannie Mae does not guarantee any work that may have been done on the property. You will have to check the repairs to validate the quality of the work.
Fannie Mae is the popular name used to identify the Federal National Mortgage Association (FNMA). Fannie Mae was established by the government to purchase FHA loans and to bundle them for sale on the secondary mortgage market. Fannie Mae acquires properties from lenders that foreclose on such loans and offers them for sale to the public. How do I find Fannie Mae properties?Fannie Mae advertises its properties to the general public via its web site. The properties are also listed in the local Multiple Listing System (MLS), which is accessible by real estate agents. You can contact local real estate brokerages to find agents who market and sell Fannie Mae properties.
How do I buy Fannie Mae properties?
Fannie Mae sells its properties via real estate agents. You must present your offer to the agent who in turn presents it to Fannie Mae for consideration. Fannie Mae will review each offer and notify the agent of its decision. Fannie Mae will either accept your offer, reject your offer, or make a counter offer. The counter offer demonstrates Fannie Mae’s willingness to negotiate for a price that is mutually agreeable to both parties.
How much cash do I need?
Fannie Mae offers a variety of loan programs including some with low down payments. These down payments are typically between 3-5% of the purchase price.
What should I be aware of?
Although Fannie Mae may sometimes make a few repairs to properties to increase their value, the properties are sold in "as is" condition. This means that Fannie Mae does not guarantee any work that may have been done on the property. You will have to check the repairs to validate the quality of the work.
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1 Comments:
I think FNMA loans are "conventional" loans, not FHA loans.
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